The main objective of this agreement is to contribute to reducing inflation and lowering interest rates, which are key concerns for households and businesses. Additionally, the agreement aims to increase the purchasing power of wage earners, create predictability in the economy, reduce inflation expectations, and strengthen the competitiveness of Icelandic industry.
This agreement also provides for a productivity bonus for all wage earners based on measured productivity, as well as an increase to the wage scales of the collective agreements.
The agreement was signed on July 8, 2024. The agreement below has been updated to reflect the terms agreed upon on July 8, 2024.
The agreement is valid until February 1, 2028.